The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.

Pamela Anderson shares something in common with a few of her fellow celebrity contestants on Dancing with the Stars. At least three others also have made headlines for being in hot water with the tax authorities.

The Internal Revenue Service should improve the way it deals with balance-due payments from delinquent taxpayers, according to a recent TIGTA report. Unnecessary delays are resulting in extra penalties and interest costs to taxpayers.

Thomas “Hitman” Hearns, who earned more than $40 million in his legendary boxing career, may find himself homeless soon, proving that it’s not just ordinary folks who are dealing with the threat of foreclosure.

Ernst & Young defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from regulators or creditors.

The controversy surrounding the demise of Lehman Bros. spells trouble for the audit profession as it, once again, finds itself in the spotlight for all the wrong reasons. How was such a large investment bank allowed to collapse?

Massachusetts Tax Attorney Kevin Kilduff has been barred from practicing before the Internal Revenue Service for 48 months for failing to file a federal tax return, and for filing another five returns late.

In Washington, D.C., Nick Cho is a local celebrity – at least among the coffee-loving crowd. He was the owner of a popular Capitol Hill hangout called Murky Coffee. Unfortunately for Cho, he’s been gaining fame for a less stimulating reason.

Florida’s North Bay Village mayor allegedly hasn’t made a mortgage payment in nearly two years, lives in a house on which he had built an illegal second story, and owes the Internal Revenue Service more than $200,000 in back taxes.

Allen Stanford is a 59 year-old Texas billionaire - worth about $2.2 billion according to Forbes - with homes in Texas, Florida, St. Croix, and Antigua. He's a golf and cricket promoter. He's a dual citizen of the United States and the nation of Antigua and Barbuda, and he's the first person knighted by Antigua and Barbuda (in 2006). And... he's currently sitting in a Houston jail. Last Thursday, June 18, he surrendered to the FBI and on Friday, he was in court in Richmond, Virginia to face criminal charges in a sealed 21-count indictment.

Last year, Phoenix police shut down a large prostitution ring involving more than 100 prostitutes, some of whom still lived at home with their parents. So far, the participant facing the harshest penalty is the group's accountant, 57-year-old Peter Shifman.When he was arrested last August, Shifman's home and vehicle were also seized. Neighbors in his quiet rural community were stunned, refusing at first to believe the charges.

When Senator John Kerry (D-MA) ran for president in 2004, naturally he had a significant staff helping him. The IRS has taken the position that in the process of hiring and employing these people... the Kerry campaign overlooked one minor detail: They failed to pay payroll taxes on campaign staff. That's why earlier this year in the District of Columbia, the tax agency filed a lien against the campaign in the amount of $819,848. The lien is standard procedure when a tax liability goes unpaid, and is intended as a claim on property to make sure the IRS can collect the debt.

More and more, it seems, celebrities are making themselves at home in the arena of tax troubles. The latest entertainer to spar with the IRS over unpaid taxes is Robin Givens, former wife of heavyweight boxing champion Mike Tyson. The 44-year-old actress is being sued by the U.S. Government for what it says is $292,000 in unpaid federal taxes, interest, and penalties dating back to 1996.